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Press Release: Statement by an IMF Mission to Turkmenistan

November 17, 2008

Press Release No. 08/287

An International Monetary Fund (IMF) mission team, led by Mr. Peter Winglee, Deputy Division Chief in Middle East and Central Asia Department, conducted its regular economic discussions with the Government of Turkmenistan during November 5-13, 2008.

The IMF mission issued the following statement in Ashgabat on November 13:

"Overall, the team found that the government has made substantial progress in economic reforms, especially regarding the unification of the exchange rates, supported by foreign exchange reforms, tariff cuts, and price adjustments. The team also observed that the government's prudent financial policies and the diversification of natural gas export markets have insulated Turkmenistan from current international financial crisis. In this regard, the 2009 budget, and the introduction of the Stabilization Fund and other fiscal reforms are important steps in progressively strengthening fiscal management to further safeguard the country's financial position.

"The mission welcomed the thorough preparations for the redenomination of the manat and for other financial reforms, including banking development, and stressed the IMF's willingness to continue the close cooperation in these endeavors."